The new marketplace, currently run as a closed beta with test users, will be called Suvideals.ooo. The platform will focus on selling only one branded product per day at highly attractive liquidation prices until inventory lasts.

“We plan to offer single branded products per day to the customer,” said Paresh Rajde, founder, Suvidhaa Infoserve, declining to provide further details. The platform would be operational soon.

Founded in 2007, Suvidhaa Infoserve is into the business of offering transaction services that include utility bill payments, insurance premium renewal collection, telecom, mobile, DTH recharges, travel ticketing, domestic remittance and merchant acquiring services. It had last year picked up a 5% stake in Infibeam.com, an online marketplace of Infibeam Avenues Ltd. After amalgamation, Infibeam Avenues will have a substantial stake in Suvidhaa.

Infibeam.com is being replaced by Suvideals.ooo, helping create an exclusive marketplace for clearance/liquidation products only.

At present, Amazon, Flipkart, Snapdeal and others are focused on adding more product categories to drive GMV (gross merchandising value).

Suvideals.ooo will be a mix of online and offline, where clearance/ liquidation products would be sold as flash sales. Both traders and individuals can buy.

Currently, there are more than 91,000 Suvidhaa centres/franchise across India, mostly in Tier-2, Tier-3 cities and smaller towns and villages. Suvidhaa currently provides last-mile financial services to more than 45 million customers through multiple delivery platforms.

Mostly the small business and traders or even individuals who are engaged in unorganised liquidation channels will be the target sellers on this new marketplace. Sources said that currently liquidation/clearance channel traders may be selling on existing marketplaces, but they lack promotional support.

The sandbox affords a valuable learning experience, allowing them to keep pace with technological advancements and new business models that may not conveniently fit into the existing regulatory framework.

"Impact is positive...last year, the government had merged Bank of Baroda with Dena and Vijaya, the platform is ours," Infosys Finacle Senior Vice President and Global Head of Sales Venkatramana Gosavi said.

Facebook's Libra cryptocurrency suffered another setback on Wednesday when Switzerland said the proposed payments system could face strict rules that typically apply to banks, on top of tough anti-money laundering laws.

Online insurance sales for new business, which are in a nascent stage in the country, are fast catching up and are likely to grow at a CAGR of 13 per cent to become a Rs 2.6 trillion ($37 billion) opportunity by 2025, according to a recent report by JM Financial.